India has asked member countries of the Gulf Co-operation
Council (GCC) to register their banks in India as foreign
institutional investors (FIIs) to enable them to trade
in equity markets in the country.
from Gulf countries should actively look at investing
in the Indian stock markets," commerce minister Kamal
Nath said during the valedictory function of the 3rd India-Gulf
Cooperation Council Industrial Forum.
as FIIs here would help Gulf banks deliver benefits from
India''s booming stock markets to their high networth clients,
Direct Investment (FDI) has jumped three-fold from $5.5
billion in 2005-06 to $15.7 billion in 2006-07, the minister
by this growth, this year we have set ourselves a target
of $30 billion in FDI."
GCC comprises of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia
and the UAE.
and GCC have identified investment opportunities in infrastructure
agro-processing industry in India and the Gulf countries.
the end of a two-day conferece, both India and GCC also
agreed to speed up talks for a free trade agreement (FTA)
is no problem from the Indian side to expedite the FTA
process," Ajay Dua, secretary, department of industrial
policy and promotion said.